Lebinson Company is a manufacturing company organized as a C corporation. How much corporate income tax must they pay on $1200000 in income.
Use the following tax table:
$0 - $50000 taxed at 15%
$50,000 -$75,000 taxed at 25%
$75,000 -$100,000 taxed at 34%
$100,000 -$335,000 taxed 39%
above $335000 is taxed at 34%
what is the tax liability?